The software assists in combating online card fraud. A simple push message to the cardholder's mobile phone, whenever an online transaction takes place, allows cardholders to authenticate each transaction and reject transactions, which they have not made themselves.
The technology has already been certified by Visa for providing Verified-by-Visa services and the MasterCard compliancy further validates the software for online.
"The Entersekt ACS, with our accompanying transaction authentication software, used by banks for authenticating online banking transactions, has been specifically designed to combat online card fraud," says Schalk Nolte, Entersekt's CEO.
"According to Paypoint, 78% of internet users have made online shopping purchases in the past year, with mobile purchases increasing from 18% to an anticipated 30% by 2015. As a result of chip and pin technologies making card fraud more difficult, fraudsters have moved to an easier target making 'card not present' transactions via the internet." Card details are easily accessed whenever a user makes a purchase at a point of sale terminal and fraudsters make use of the details to make online purchases.
The technology is designed to make the user experience easy and secure and not hinder the transaction. The software effectively enables banks to provide customers with richer functionality, whilst simultaneously reducing the risk to both parties. The application will become familiar to South African users in the very near future when local banks begin rolling out to their customers.
"We are very proud that our solution has been approved by MasterCard as compliant with its standard for the online environment - a significant and necessary stamp of approval for our software," concludes Nolte.
